REGISTERED COMPANY NUMBER: 02638799 (England and Wales) REGISTERED CHARITY NUMBER: 1129980 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR COVENTRY ARTSPACE LIMITED LDP Luckmans Chartered Accounlants 1110 Elliott Court Herald Avenue Covenlry Business Park Coventry Wesl Midlands CV5 6UB
COVENTRY ARTSPACE LIMITED CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2025 Page Report of the Trustees Independent Examlnerfs Report Statement of Flnancial Activities Balance Sheet Notes to the Flnanclal Statem6nt8 10 to 16
COVENTRY ARTSPACE LIMITED (REGISTERED NUMBER: 02638799) REPORT OF THE TRUSTEES for the year ended 31 March 2025 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopled the provisions of Accounting and Reporting by Charities: Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectlves and aims Coventry Artspace works with artists and communities to explore and respond to our city's most unique characteristics and to think about its fulure as a centre for inspirational artistic engagement. The company's aim is to advance the visual arts in Coventry for the public benefit by: 1. Providing space and lime for artists to create and exhibit their work in Coventry 2. Supporting arlists to network, collaboraie and develop their knowledge. Skills, Ihinking and good practice 3. Extending the influence and relevance of the visual arts to Coventry communities and promoting understanding and appreciation of contemporary art geneT211y. We are interested in the development of all types of visual art Ihat support our aims and we are especially interested in art and artisls that impact positively on the cilsls most vulnerable and disadvantaged. For this reason, we have a particular interest in supporting artists who have socially engaged art practices and in fostering debate aboul this growing fEld of practice. Page 1
COVENTRY ARTSPACE LIMITED (REGISTERED NUMBER: 02638799) REPORT OF THE TRUSTEES for the year ended 31 March 2025 OBJECTIVES AND ACTIVITIES Slgntflcant activities The activities undertaken to achieve our aim fall into four categories, which often overlap.. Artistic Programme When funding allows, our artistic programme exists to create a catalyst for exchange between local audiences and artists, and to enable Ihe collaborative exploralion of themes relevanl to Coventry; creating new visual art work for the city and Ihe visual arts movemenl in the process. We aim to.. Provide high quality and Iow-COSt exhibitions, evenls and projects that engage the public with contem porary visual art practice Develop collaborations and partnership projects wlth other cultural providers, innovating in the use of space and resources and expanding Artspace's regional and national reputation Contribute to networks, partnership5 and the promotion of CoventWs developing cultural offer. Building Management Through the management of buildings we aim to.. Promote our services and charitable purposes by hosling events and providing artist spaces Promole, strengthen and support visual arts practice in the cily by acting as a catalyst for exchange between artists, community groups and cultural partners. Communlty Focused ProjeGts Our community focused project5 aim to: Actively increase opportunities for participation in the arls in Coventry and the region Raise awareness of tradilional and contemporary arts practice Use the arts as a means of exploring other subjects. e.g. environmental issu6s and healthier lifestyles Engage audiences in exploring the historical and cultural heritage of Coventry Celebrate the cultural diversity of Coventry Promote community cohesion and social inclusion. Artlst Profes8lonal Development Activities Through our professional developmer)t activities we aim to: Create unique opporlunities for artists living and working in Coventry, those visiting us and those that we want to relain in the city, such as recent graduates Support marginalised artists to develop skills and understanding of working in the arts and to access the local and regional arts community and opportunities. Page 2
COVENTRY ARTSPACE LIMITED (REGISTERED NUMBER: 02638799) REPORT OF THE TRUSTEES for the year ended 31 March 2025 ACHIEVEMENT AND PERFORMANCE Charltable actlvitles KEY OBJECTIVES. STRATEGIES AND SIGNIFICANT ACTIVITIES 2024125 The Charity Trustees have complied with their duty lo have due regard to Ihe guidance on public benefit published by the Charity Commission in exercising their powers or duties. In the year 2024-25 Covenlry Artspace activities sought to deliver on its key objectives. As set out in the company'5 Memorandum of Association, the objects for which the company was established are: (a) lo provide services to artists with the aim of promoting. assisting and improving the arts for public benefit; {b) lo deliver community aclivities and outreach projects using the arts,. (c) to encourage and advance the education of the public by increasing access to the arls. and (d) lo let, manage and mainlain studio premises suitable for members to produce artwork. The Company sought to execute these duties with particular attention lo fostering diversity and inclusion in the city's visual art community and the development of socially engaged art practices. The year opened wilh disappointing news that a bid to the Inclusive Communities Fund had been unsuccessful. A bid to Arts Council England was submitted in June. but was also unsuccessful. Although exploration of potential funding continued, wilh limited capacity and a deficit forecast, the Company focused instead on identifying where Savings might be made and earned income maximised. Additionally, Trustees spent time exploring aliernative building options, as well as slrenglhening governance and trustee induction systems. They have also supporled Lauryn Dunn in her role as Ihe Facilities Coordinator. Over the course of the year Lauryn has continued lo manage the studios, ensuring an average occupancy rate of over 850/0 and, with the support of Trustees. overseen the decommissioning of Arcadia gallery in City Arcade. She has organised and supported regular meetings of the Artist Advisory Group and olher events and has also represented Ihe Company al meetings with cultural partners. In view of the breadlh of her role, the decision was taken at the end of the year lo amend her job title lo Operations Manager. As part of the process of identifying savings. we conducted a review of the Artspace Exchange website and, after receiving very little participation from users, rnade the difficult decision to freeze this site until such time as we have the capacity to promote and manage it more effectivety. Desplte this focus on finance and organisational review. through Lauryn's good offices the Company was able to instigate ané support sludio holders to deliver a Ihird highly successful Studio Holder Exhibition, this time at The Herbert Art Gallery. Lauryn has also begun working with volunteers. particularly artist Rachel Doughly, to deliver and develop the First Thursday Artist Meet Up programme, We are proud to have continued lo host and promote the Stories Thal Made Us project and archive at Eaton House and so remain a partner in that project. A second exhibition inspired by the archive was delivered at The Guildhall as parl of the 2024 South Asian Heritage Month. Plans for an Autumn 2025 exhibilion at The Herbert Art Gallery and Museum have also been progressing. This will build on the themes of the 2024 exhibition at St Mary's Guildhall: Roots. Resilience. Representation. We expect it to stimulate conversations in the city about a permanenl living museum based on the archive and we look forward to supporting such an exciling development. Towards the end of the year our small team of Trustees was shrunk further by 2 resignations due to personal circumstances. The decision was taken to adopt a new approach to the recruilmenl of Trustee5 and look to bring onboard a new cohort every two years, with the expectation that one or iwo would slay for three or four years, providing continuity. Accordingly, we have begun the prOsS of identifying and approaching suitable Trustees, reaching out particularly to our stakeholders, including members of the Artist Advisory Group, Sludio Holders and our cultural partners. While our endeavours to identify a new home for Coventry Artspace in Ihe event of our need to vacate Eaton House have not yet borne fruit. our work to reduce Ihe def1t projected at the beginning of Ihe year through maximising income and minimising expenditure has been productive, and we end the year with a small surplus and our reserves in tacl. Page 3
COVENTRY ARTSPACE LIMITED (REGISTERED NUMBER: 02638799) REPORT OF THE TRUSTEES for the year ended 31 March 2025 FINANCIAL REVIEW Reserves policy As identified al the section entitled 'Risk Managemenl- Income., our reserves policy is to relain three months, operating cosls. We currently have reserves (unrestricted funds) of £10,169 (2024.. £8,380) meaning that this goal has now been achieved. FUTURE PLANS Our new Board of Trustees will lake up the role in July 2025 following induction. A key priority will be the search for new premises, which is likely to involve further development of our partnerships wilh our cultural and community partners, Going forward we are very conscious of the difficult current climale for arts organisations generally, many of which face challenging financial and fundraising imperalives. Having navigated a year without any signlficant fundraising Sucss. but nevertheless keeping our reserves intact and avoiding a deficit. our intention is to conlinue on this path for the first 6 months of the new Board's term. Between July and December we will endeavour to revive the Artspace shop and look to deliver those activities that have developed organically over recenl years, and been produced wilh volunteer support and within our earned income budgets, namely. a Studio Holder Exhibilion; an Open Studios event. and a programme of First Thursday Artist Meet-ups. Our focus will be on continuing to balance Ihe books and on gathering evidence of impact lo ensure a sound basis for future funding applications. In January there will be a Trustees Awayday at which priorities and actions beyond December will be reviewed. Given our on-going challenges with capacity, we are deeply indebted lo the support of Studlo Holders and Ihe many volunteers working with us as Trustees. Advisory Group members. and Ambassadors. All have given generously of their time. skills, expertise and insighls. Our heartfelt thanks to them all. Our particular thanks this year go to Sarah Shalgosky, Janet Twer and Hardish Virk, all of whom have gone above and beyond over the lasl 12 months in Iheir role as Truslees. Also, to volunleer Polly M&rredew for the management of our Social Media and to volunteers Rachel Doughty and Bernie Rose Blossom for their work on our First Thursday Arlisl Meet Up programme. Flnally, our profound thanks io Lauryn Dunn for all her hard work over the course of the year, and to Mindy Chillery for continued book keeping. financial management. and company secretary support. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document Artspace is a charitable company limited by guaranlee. administered and managed in accordance with its Constitution adopted on 2nd June 2009. In the event of the organisation being wound up members are required lo contribute an amount not exceeding £1. The company was established under a Memorandum of Associalion, which established the objectives and powers of the charitable company and is governed under its Articles of Association. Recrultment and appolntment of new Trustees Trustee vacancies are advertised internally and externally. Applicants are sent an information pack which includes company information and details of the responsibilities of Trustees and references Charity Commission guidance on eligibility and responsibility for Trustees. Interested applicants are invited to submit a CV and have an informal discussion about the role with another Trustee, before attending a Board meeting as an observer and registering as a Trustee. From April 2025 a new system for recruiting and inducting a new cohort of Trustees every 2 years is lo be introduced. Page 4
COVENTRY ARTSPACE LIMITED (REGISTERED NUMBER: 02638799} REPORT OF THE TRUSTEES for the year ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisatlonal structure The Board of Trustees has overall responsibility for the organisation. helping staff to sel business strategy and policies, moniloring performance against largets. To support them with this work there is an Artspace Advisory Group made up of local artists and studio holders. Day-to-day management of the company and responsibility for implementing policies is carried out by the most senior member of staff {currently the Operations Manager), wilh the support of the Trustees. When possible specific lasks and responsibilities are delegated to other staff members and volunteers as appropriate. Staff members and volunteers are empowered to make decisions on the efficient daily running of the organisation, but refer all major decision making to the Board, which lakes into account their recommendations see the following section on risk management for more information. The company subcontracts artists and other professionals to deliver projects and activities on it5 behalf. The Board does not have any external advisers but seeks appropriate professional advice where necessary, for example, we use pro bono solicitors regarding legal matters. Induction and tralnlng of naw Trustees Traditionally the Chair and Executive Director have been responsible for inducting Truslees. As in the previous year, in 202415 chairing of meeting5 rotaled belween Trustees. Currently, the induction and training of new Trustees is undertaken by Trustees. The Board holds an extended strategic meeling 8ach year at which governance is reviewed and training needs discussed. The need and opportunilies for Trustee training advantageous to the charity are raised and discussed as appropriate at Board meetings. From April 2025 a new system for inducting and training a new cohort of Trustees every 2 years is to be introduced. Risk management The Trustees have a duty to identrfy and revievrf the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees dlscuss areas of risk at each Board meeting (a minimum of four times a year). Income - the company has a reserves policy of retaining three months. operating costs. Cashflow forecasts conlinue to be scrutinised al each Board meeting. allowing Trustees to plan ahead and identify problems. Flnancial management - the charitVs finances are managed by the Trustees, supported by the Company Secretary and Operations Manager. Financial updates and cashflow forecasts are scrutinised at every board meeting by the Trustees. All cheques must be signed by two authorised persons. Signatories include the Company Secretary, the Operations Manager and a Trustee. These people are authorised to carry out online banking transactions {sums over £5,000 are checked with the Board before payment). Currently we have a vacancy for the position of Treasurer. However. all trustees scrutinise cashflow and budgels at board meetings. Staff - The Slaff Handbook includes detailed information on essential procedures for the efficient running of the company as well as key policies. Pr6mlses - Coventry Art5pace office is Socaled on the 4th Floor of Eaton House and studio and meeting spaces are offered to artists and arts organisations on the 4th and 11th Floor. The lease at Eaton House is with Ihe Whitefriars Developmenl Group and is managed by EHB Reeves and Partners. It is a rent and rates free lease but contains a '28-day break clause,. meaning that the organisation can be given 28 days nolice to leave either or both floors if they are wanled by a paying lenanl. However, it is unlikely that notice will be given on either floor in the immediate future and even more unlikely that nolice will be given on both. so the Board consider the use of Ihe space for the Arlspace office lo be secure for the next 12 months 2nd in line with the organisalion's policy to make use of affordable spaces in the city wherever they are available. As anticipated, during the course of Ihe year the Company was obliged to give up use of a shop space in City Arcade used as an exhibition space. Health & Safety We have detailed risk assessments and l or policies covering Health & Safety and the safeguarding of children, young people and vulnerable adults. DBS checks are carried oul as nesSarY. The Operations Manager has specific responsibility for Health & Safety and Safeguarding. Page 5
COVENTRY ARTSPACE LIMITED (REGISTERED NUMBER: 02638799) REPORT OF THE TRUSTEES for the year ended 31 March 2025 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02638799 (England and Wales) Registered Charity number 1129980 Registered office Floor 4. Eaton House Eaton Road Coventry West Midlands CV12FJ Trustees H Virk J Tryner {resigned 21.4.25) N Aziz S Shalkosky (resigned 2.8.24) D Singh (resigned 21.4.25) C Poccard (appointed 6.5.24) (resigned 27.1.25) Independent Examlner M D Spafford LDP Luckmans Chartered Accountants 1110 Elliott Court Herald Avenue Coventry Business Park Coventry West Midlands CV5 6UB Bankers Lloyds Bank PLC 30 High Street Coventry West Midlands CV15RA Artspace Executlve Dlrector Ms M J Chillery Approved by order of the board of trustees on 28 July 2025 and signed on its behalf by: H Virk - Trustee Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COVENTRY ARTSPACE LIMITED Independent examiner's report to the trustees of Coventry Artspace Llmited {'the Company,) I report to the charity trustees on my examination of the accounts of Ihe Company for the year ended 31 March 2025. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requiremenls of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independenl examination, I report in respect of my examination of your charitrf5 accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Direclions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe- accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act., or the accounls do not accord wilh those records,. or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charilies (applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection wilh the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. M D Spafford LDP Luckmans Chartered Accountants 1110 Elliott Court Herald Avenue Coventry Business Park Coventry West Midlands CV56UB 28 July 2025 Page 7
COVENTRY ARTSPACE LIMITED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for Ihe year ended 31 March 2025 2025 Total furids 2024 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 34 726 Charitable activities Artspace Programme activities 24.625 150 24.625 3.880 21.263 31.475 3.730 Investment income 92 92 88 Total 24,901 3,730 28,631 53,552 EXPENDITURE ON Charitable actlvltles Artspace Programme activities 12,628 10,484 12,628 14,234 14,920 48,487 3,750 Total 23.112 3.750 26,862 63,407 NET INCOMEI(EXPENDITURE) 1,789 (20) 1,769 (9,855) RECONCILIATION OF FUNDS Total funds brought forward 8,380 2,963 11,343 21,198 TOTAL FUNDS CARRIED FORWARD 10,169 2.943 13,112 11,343 The notes form part of these financial statements Page 8
COVENTRY ARTSPACE LIMITED (REGISTERED NUMBER: 02638799) BALANCE SHEET 31 March 2025 2025 Total funds 2024 Total funds Unrestricled Restricted funds funds Notes FIXED ASSETS Tangible assets 440 440 794 CURRENT ASSETS Debtors Cash at bank and in hand 10 150 11,968 150 14.911 150 12,769 2,943 12,118 2,943 15.061 12,919 CREDITORS Amounts falling due within one year 11 (2,389) (2,389) (2.370) NET CURRENT ASSETS 9.729 2,g43 12.672 10,549 TOTAL ASSETS LESS CURRENT LIABILITIES 10,169 2,943 13,112 11,343 NET ASSETS 10,169 2,943 13,112 11,343 FUNDS Unrestricted funds Restricted funds 12 10,169 2,943 8,380 2,963 TOTAL FUNDS 13.112 11,343 The charitable company is enlitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that Ihe charilable company keeps accounting records that comply wilh Sections 386 and 387 of the Companies Acl 2006 and preparing financial statements which give a true and fair view of the slate of affairs of the charitable company as at the end of each financial year and of ils surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the charitable company. (b) These financial statements have been prepared in accordance with Ihe provisions applicable to charitable cofflpanies subject lo Ihe small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 28 July 2025 and were signed on its behalf by: H Virk- Trustee The notes form part of these financial statements Page 9
COVENTRY ARTSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 CHARITABLE COMPANY INFORMATION The charitable company 15 a private company. limited by guarantee and is incorporaled in England and Wales. The registered office is Floor 4. Eaton House ,Eaton Road, Coventry, CV12FJ. ACCOUNTING POLICIES Basls of preparing the financial statements The financial slatemenls of the charitable company, which is a public benefit entity under FRS 102. have been prepared in accordan with the Charities SORP (FRS 102) 'Accounting and Reporting by Charilies: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) leffeclive 1 January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006, The financial statemenls have been prepared under the historical cost convention. The financial staiements have been prepared on the going concern basis. Decisions have been made by the Trustees to reduce cosls lo operate within the reduced core granl offered by Coventry City Council. The Trustees monitor and review the companrfs cash flow position at each Board meeting and are always looking at least one year ahead from the date of the Board meeting. The Trustees consider that the company will continue as a going concern and continue to work to obtain funding to secure Ihe king term future of the company. Income and debtors All income is recognised in the Slalemenl of Financial Activities once the charity has entitlement to the funds, It is probable thal the income viill be received and the amounl can be measured reliably. Such items are recognised as debtors until they are reiVed by the charitable company. Expenditure and credltors Liabilities are recognised as expenditure as soon as there is a legal or constructive obllgatlon committing the charity to thal expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost relaled lo Ihe category. Where costs cannot be directly attributed lo particular headings they have been allocated to activities on a basis consistent with the use of resources. Charitable activities The company has three charitable activities and the costs associated with these activitie5 are allocated accordingly. The aclivities can be described as follows:_ Artspace - Low cost artist studios and community hire facilities for individuals and organisations Outreach - Developmenl of arts education projects within communities Allocation and apportionment of costs The company incurs support costs in relation to management. finance and support costs. The expenditure in each of these areas are split by varying percentages between the activities on the basis of each generic natural expense heading usage by the charitable activity. These apportionments are considered annually and are applied over Ihe full financial period. Tanglble flxed assets Depreciation is provided at the following annual rate5 in order to write off each asset over its estimated useful life. Page 10 continued...
COVENTRY ARTSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 31 March 2025 ACCOUNTING POLICIES - continued Tangible fixed assets Plant and machinery 20 % on ¢051 Tangible fixed assels are capitalised at their original cost, including irrecoverable VAT and amounts incurred to bring those assets inlo full operational use. Assets wilh an original cost of less than £500 are not capitalised. Taxalion The charity is exempt from corporation tax on its charitable aclivities. Before obtaining charitable status, the company was laxable on its external income such as bank interest and has paid corporation tax accordingly. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Designated funds are funds that have been unrestricted that the trustees. at their discretion, have set aside for use for a specific purpose. Restricted funds can only be used for particular restricted purpose8 Within the objects of the charity. Restrictions arise when specified by Ihe donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is induded in the notes to Ihe flnancial statements. Ponslon costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Conlributlons payable to the charitable companys pension scheme are charged to Ihe Statement of Financial Activlties in the period to which they relate. Deferred Incomlng resources Income will be deferred to a future accounting period where the income specifically relates lo a time period beyond the balance sheel date. INVESTMENT INCOME 2025 2024 Deposit account interest 92 88 Page11 continued...
COVENTRY ARTSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 SUPPORT COSTS Governance Costs Management Other Totals Artspace Programme activities 5.829 7.480 6,638 1,709 161 1,080 12.628 10.269 13.309 8.347 1,241 22.897 NET INCOMEI{EXPENDITURE) Nel incomel{expenditure) is slated afler charginty(crediting): 2025 2024 Depreciation - owned assets 354 354 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees. expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees have been paid travelling expenses in connection with allendance at Board meetings. STAFF COSTS 2025 2024 Wages and salaries Other pension costs 13,151 158 19,558 169 13,309 19,727 The average monthly number of employees during the year was as follows,. 2025 2024 Executive Director Artspace Co-ordinator No employees received emoluments in excess of £60,000. There were no high paid staff in either the current or preceeding year. KEY MANAGEMENT PERSONNEL Key management personnel salary was £11,500 (2024: £11.333). Page 12 continued...
COVENTRY ARTSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnued for the year ended 31 March 2025 COMPARATIVES FOR THE STATEMENT OF FSNANCIAL ACTIVITIES Unrestricted Restricted funds funds Total funds INCOME AND ENDOWMENTS FROM Donation5 and legacies 726 726 Charltable actlvltles Artspace Programme activities 21.263 22 21,263 31,475 31,453 Investment income 88 88 Total 22,099 31,453 53,552 EXPENDITURE ON Charitable activities Artspace Programme activities 14,920 19,062 14.920 48,487 29,425 Total 33,982 29,425 63,407 NET INCOMEI(EXPENDITURE) (11,883) 2,028 (9,855) RECONCILIATION OF FUNDS Total funds brought ford 20,263 935 21,198 TOTAL FUNDS CARRIED FORWARD 8.380 2,963 11,343 TANGIBLE FIXED ASSETS Plant and machinery COST At 1 April 2024 and 31 March 2025 5,809 DEPRECIATION At 1 April 2024 Charge for year 5,015 354 At 31 March 2025 5,369 NET BOOK VALUE At 31 March 2025 440 At 31 March 2024 794 Page 13 continued..
COVENTRY ARTSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 10. DEBTORS: AMOUNTS FALLING DUE WH1N ONE YEAR 2025 2024 Prepayments 150 150 11. CREDITORS: AMOUNTS FALLING DUEWITHIN ONE YEAR 2025 2024 Other creditors Accrued expenses 1,188 1,201 1.169 1.201 2,389 2,370 12. MOVEMENT IN FUNDS Net movement in funds At 31.3.25 Al 1.4.24 Unrestricted funds General fund 8,380 1,789 10,169 Restricted fund8 Heritage fund Art Friends Cadburls Trust Arts Council 800 935 750 458 935 750 1,278 {820) 2,963 (20) 2,943 TOTAL FUNDS 11,343 1,769 13.112 Nel movement in funds. included in the above are as follows: Incoming resources Resources expended Movement in funds Unr88trlctod fund8 General fund 24,901 (23.112) 1,789 Restricted funds Heritage fund Arts Council 800 2,930 800 (820) (3,750) 3,730 (3,750) (20) TOTAL FUNDS 28.631 (26.862) 1,769 Page 14 continued...
COVENTRY ARTSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 12. MOVEMENT IN FUNDS - continued Comparatlves for movement in funds Net movemenl in funds At 31.3.24 At 1.4.23 Unrestrlcted funds General fund 20,263 (11,883) 8.380 Restrlcted funds Art Friends Cadbury's Trust Arts Council 935 935 750 1,278 750 1,278 935 2,028 2,963 TOTAL FUNDS 21,198 (9,855) 11,343 Comparative net movement in funds. included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund 22,099 (33.982) (11,883) Restrlcted funds Heritage fund Cadburls Trust Ar15 Council Arts Society WCC Counly Fund 900 750 26,378 3.000 425 {900) 750 1,278 (25,100) (3,000) {425) 31.453 (29,425) 2,028 TOTAL FUNDS 53,552 (63,407) (9,855) The Sustainability Fund was a grant from Coventry City Council and is reslricted to supporting the development and sustainability of the organisation ahead of the 2021 Cily of Culture. The Arts Council provided Emergency funding to cover variou5 aspects of the organisalion, including cover for Artist Studio space and cover other activities during the early Covid period. Coventry City Council through the 2021 Cily of Culture provided furKling for the Great Places project to enable an online shop lo be established and marketed. The Foundations Programme has been funded by Art Council England. Coventry City Council and the Coventry City of Culture Trust to deliver a range of interlinked activities arsd sub-projects including Artists Residencies, Artist Development Opportunities, Ambassador5 Programme and Artist on my Street. Page 15 continued...
COVENTRY ARTSPACE LIMITED NOTES TO THE FINANCIAL STATEMENTS - continu8d for thé yoar endèd 31 March 2025 13. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2025. Page 16